Ultrafast 5G mobile broadband is still in the early stages of development, but the partnership will allow the European commission and South Korea to work toward a common standard and rollout timetable by the end of 2015.

The two parties will also unify the radio frequencies used for 5G, which will make it easier and cheaper for manufacturers to make 5G smartphones and other devices as well as making it more straightforward for users to move between countries and areas.

"5G will become the new lifeblood of the digital economy and digital society once it is established," the EU commissioner for telecoms Neelie Kroes said in a statement, adding, “This is the first time ever that public authorities have joined together in this way, with the support of private industry, to push forward the process of standardization.”